Crucial 2011 Annual Report Download - page 171
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21
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
(Continued)
(c) As of December 31, 2009 and 2010, the actuarial present value of the vested benefits for the Company’
s employees in
accordance with the retirement benefit plan was approximately $6,520 and $6,374, respectively.
(d)
Major assumptions used to determine the pension plan funded status for the years ended December 31, 2008, 2009, and
2010, were as follows:
For the years ended December 31,
2008
2009
2010
Discount rate 2.75%
2.75%
2.75%
Rate of increase in compensation 3.00%
3.00%
3.00%
Expected long-term rate of return on plan assets 2.75%
2.75%
2.75%
(16)
Income Tax
(a)
The Company’
s earnings are subject to income tax at a statutory rate of 25% before 2010. However, based on the amended
Income Tax Act publicly announced on June 15, 2010, the statutory income tax rate has been reduced further from 20% to
17% commencing from 2010. In 2008, 2009 and 2010, the Company is subject to income tax at a statutory rate of 25%, 25%
and 17%, respectively, and is also subject to the requirements of the “Income Basic Tax Act”
in calculating the basic tax. For
the years ended December 31, 2008, 2009 and 2010, the components of income tax expense were as follows:
For the years ended December 31,
2008
2009
2010
Income tax expense－current
$
4,770
17,305
-
Income tax expense (benefit)－deferred
3,322
(17,305
)
-
Income tax expense
$
8,092
-
-